Po-led Arthaland Corp. is embarking on more aggressive landbanking activities in ine with its goal to quintuple the number of completed projects under its portfolio by 2024.
Citing documents obtained from the Securities and Exchange Commission, The Manila Standard reported that Arthaland was on the hunt for properties to acquire in Metro Manila and other major cities in the provinces to exploit growing opportunities in this space.
To fund its expansion, Arthaland will offer to the public 10 million prefered shares at P100 each to raise P1 billion, the Manila Standard reported.
The company is allocating P530 million of the expected proceeds from the offering for the acquisition and development of a 1,800 square meter property in the Makati central business district nto a high-end residential condominium.
Arthaland is also setting aside P300 million for a premier residential project in Cebu.
Around P154 million will be channeled to general corporate purposes, land acquisitions and retention of retail or commercial units.
BDO Capital and Investments Corp. has been appointed as sole issue manager and book runner for the offering.